Nvidia Falls 9.51% on Nov. 9–10 Following Jensen Huang Controversy: From Gates to Bezos, Can Tech Giants Move Beyond Founder Scandals?

Summary: On November 8, 2026 (U.S. Eastern Standard Time, EST), Nvidia published an apology from Jensen Huang and announced that its board would conduct an independent investigation into potential foreign intelligence activity described in media reports. In the next two U.S. trading sessions, NVDA fell 4.27% on November 9 (ET) and 5.47% on November 10 (ET), declining from $186.64 at the November 6 close to $168.89 at the November 10 close—a cumulative drop of approximately 9.51% over November 9–10. Founder controversies are not without precedent among technology giants. After Jeff Bezos's divorce and extramarital-affair controversy in 2019 and the 2021 disclosure of an investigation into Bill Gates's past extramarital relationship with a Microsoft employee, Amazon and Microsoft did not lose their longer-term share-price growth trajectories. Yet those episodes are not directly equivalent to the governance, key-person and potential regulatory risks now facing Nvidia. How should investors distinguish short-term sentiment from a company's long-term value when a governance controversy erupts? And when traders disagree about Nvidia's outlook, what different approaches can stock perpetual futures and Futures Grid strategies offer? Drawing on historical cases and relevant products available through BBX DEX, this article examines the trading mechanisms and risks involved.

A controversy surrounding the founder of one of the world's most important AI chipmakers is becoming a concentrated test of how capital markets price corporate-governance risk.

The central question is no longer simply what happens next in the matter involving Jensen Huang. It is this: If there has been no confirmed material change in Nvidia's product competitiveness, customer orders or earnings power, why did its stock fall approximately 9.51% over the two trading sessions of November 9–10, 2026 (ET)? Could that discount fade over time—or become a persistent risk premium?

1.Nvidia Declines for Two Consecutive Sessions After the Jensen Huang Controversy

On November 8, 2026 (U.S. Eastern Time), Nvidia released a letter from Jensen Huang to employees. Huang acknowledged being unfaithful in his marriage and apologized. That same day, the board announced an independent investigation into potential foreign intelligence activity described in media reports. The company said it had no reason at that point to believe that U.S. national security or Nvidia's confidential business information had been compromised. On November 10, Nvidia's independent directors further announced that they had retained outside counsel to conduct the investigation. The inquiry remains unresolved; allegations concerning specific intelligence activities or export-control implications should not be treated as established facts.

NVDA subsequently closed down 4.27% on November 9, 2026 (ET) and 5.47% on November 10, 2026 (ET). The closing data are as follows:

Measured from its November 6 close, NVDA declined approximately 9.51% over the two trading days of November 9–10, 2026 (ET). This cumulative figure is calculated from the change in the share price, rather than by simply adding the two daily percentage losses.

However, attributing the entire 9.51% decline to the Huang controversy would also be imprecise. Technology stocks had already been adjusting to concerns over AI investment returns, valuations and capital expenditure; on November 10, the broader market was also affected by shifts in inflation and interest-rate expectations. Event-specific risks and broader industry and macroeconomic risks may have influenced prices at the same time.

2.Amazon: After the Bezos Controversy, Investors Still Focused on Control and Operations

In January 2019, Amazon founder and then-CEO Jeff Bezos announced his divorce from MacKenzie Bezos. Subsequent reporting about his personal relationship drew widespread attention.

For Amazon shareholders, the material questions concerned whether the divorce might alter Bezos's equity ownership and voting control, whether it could trigger significant stock sales, and whether he could continue leading the business. Reuters reported fluctuations in Amazon's share price around the news, but investors did not reach a uniformly bearish assessment.

In April 2019, the couple announced their property settlement. Bezos retained the relevant voting rights, helping reduce some of the uncertainty surrounding the company's control structure.

Over the longer term, Amazon shares rose approximately 26.1% in 2019 on a split-adjusted historical-price basis. That full-year gain, however, does not prove a simple sequence in which the scandal caused the stock to fall and the resolution caused it to rebound. Revenue growth, the AWS cloud business, Amazon's retail network, prevailing valuations and the wider stock-market environment all played roles in the share price.

The lesson from Amazon is not that founders' private controversies are immaterial. It is that a lasting valuation impact is more likely when a controversy changes corporate control, strategic execution or the outlook for future cash flows.

3.Microsoft: The Gates Case Highlights the Importance of an Established Governance Structure

In May 2021, media reports disclosed that Microsoft's board had investigated an extramarital intimate relationship, dating back approximately 20 years, between co-founder Bill Gates and a female Microsoft employee. Microsoft confirmed that, after receiving a complaint in 2019 alleging that Gates had sought an intimate relationship with an employee, a board committee investigated with the assistance of outside counsel. A spokesperson for Gates acknowledged a past extramarital relationship that had since ended, but maintained that Gates's departure from the Microsoft board in 2020 was unrelated. A causal connection between the investigation and his departure should not be presented as an established fact.

There is a crucial difference from Nvidia's current situation: Gates had stepped down as Microsoft's CEO in 2000 and left its board in 2020. By the time the reports emerged in 2021, Microsoft was operating under CEO Satya Nadella, and its growth was no longer heavily dependent on its founder's day-to-day management.

Microsoft shares rose approximately 52.4% in 2021. In its fiscal 2021 results, the company reported 34% growth in commercial cloud revenue, 50% growth in Azure revenue and 32% growth in operating income. Those operating metrics provided investors with a more direct basis for assessing Microsoft's business value.

It would therefore be misleading to explain Microsoft's subsequent stock gains as the market having “forgiven Gates.” A more accurate interpretation is that when a company has an established professional management team, business operations and governance structure, a founder's personal controversy does not necessarily alter the company's earnings power.

4.Why Nvidia Cannot Simply Repeat the Microsoft or Amazon Playbook

The three cases offer useful points of comparison, but they differ substantially in both the nature of the risks and the positions held by the people involved.

For Nvidia, Huang is not only its founder. He is also central to its technology roadmap, major customer relationships, product announcements and the wider AI industry narrative. Investors may therefore attach particular importance to his ability to continue serving in his role—a form of key-person risk.More importantly, the current inquiry involves potential U.S. national security risks and chip export-control issues, extending beyond a conventional private-relationship or marital controversy. If the investigation ultimately establishes that the matter was limited to personal conduct and did not compromise company secrets or operations, investors may refocus on Nvidia's earnings fundamentals. If it reveals material regulatory, leadership or business consequences, the company's underlying value may need to be reassessed. Neither outcome should be assumed in advance.

Will the Stock Recover? Four Questions That Matter More Than the Scandal Itself

The historical comparisons suggest a more useful framework for assessing the situation than trying to predict a stock-price recovery.

First, does the controversy affect future cash flows? If customer orders, chip deliveries, pricing power and profit margins remain materially unaffected, the associated valuation discount may prove more temporary. If those fundamentals change, earnings forecasts may need to be revised.

Second, does it alter leadership or corporate governance? Can the independent investigation proceed credibly and transparently? Is there an actionable succession plan for critical roles? These questions shape the market's assessment of governance risk.

Third, could it lead to actual regulatory or business restrictions? For a company such as Nvidia, which sits at the center of the global AI supply chain and is subject to chip export rules, concrete regulatory consequences could have a more direct effect on revenue and profit than the personal controversy itself.

Fourth, how much future growth was already priced into the stock? Even if a company's fundamentals remain strong, an elevated starting valuation may prevent its shares from quickly returning to previous highs. Conversely, sustained earnings outperformance may lead investors to reassess the stock's valuation.

One near-term event investors can monitor is Nvidia's quarterly earnings release on November 17 (ET). The company has announced a conference call for 5:00 p.m. Eastern Time that day. The results and management commentary should provide further evidence about its operating performance. The report itself, however, could also trigger significant moves in either direction if expectations are exceeded or missed.

6.From Short-Term Event Trading to Long-Term Valuation: Different Tools, No Certain Answer

The same event can produce opposing market views. Some traders may believe the investigation-related risks are not yet fully reflected in the stock price. Others may consider the selloff excessive relative to the business consequences that have actually been verified. Still others may prefer to wait for the investigation and earnings results rather than immediately open a position.

For users who participate in derivatives markets with stablecoins, BBX DEX offers an NVDAUSDT stock-linked perpetual futures contract, allowing traders to establish long or short price exposure according to their own market views. It also offers an AMDUSDT contract for observing and trading price movements linked to another AI chipmaker. The two instruments do not imply that the underlying stocks must follow the same path, nor does a controversy involving one company's executive establish that a competitor will necessarily benefit.

Stock perpetual futures are derivatives, not ownership of actual U.S. shares. Their quoted prices, funding rates, liquidity, mark prices and margin rules may differ from those of the underlying cash equity market. Both long and short positions can incur losses, and leverage introduces liquidation risk.

During periods of repeated price swings, some traders may also examine BBX's Futures Grid. Grid strategies seek to execute repeated trades within a predefined price range, but sustained one-way moves or price gaps may create substantial directional exposure. Realized grid profits do not necessarily mean that the overall strategy is profitable.In event-driven markets, trading tools can help express bullish or bearish views, but they cannot replace the judgment behind those views—and they cannot guarantee a return to any particular price.

7.Ultimately, Long-Term Value Must Be Tested Against Operating Results

The Bezos and Gates cases show that personal controversies and long-term corporate value do not always move together. Amazon gradually reduced uncertainty through the evolution of its business and arrangements concerning corporate control; Microsoft continued generating business value through its established management structure and cloud growth.

Nvidia, however, still faces an unresolved investigation, potential regulatory risks and concerns about dependence on a key executive. It also has an upcoming earnings report that will put its operating performance under fresh scrutiny. The impact of these factors on future earnings cannot be settled by two trading days of stock-price movements alone.

The market may ultimately return its attention to Nvidia's orders, product competitiveness and cash flows. But a renewed focus on fundamentals does not mean the share price is guaranteed to rebound. The real lesson of the historical cases is the importance of separating market sentiment, corporate governance and long-term business value—rather than mechanically applying the stock-price path of one past controversy to another.

About BBX

BBX is a multi-asset trading platform with stablecoins as a funding gateway. Its stock account provides eligible users with access to real U.S. and Hong Kong stocks. BBX DEX offers selected stock-linked and multi-asset USDT-margined perpetual futures, tokenized stock spot trading and Futures Grid functionality. These products differ in the rights they convey, their trading mechanisms and their geographic availability.

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Disclaimer and Risk Warning

This article is for informational and reference purposes only and does not constitute investment advice, a guarantee of returns or a recommendation to buy or sell any asset. Financial markets involve risks, and leveraged or derivatives trading can result in substantial losses. Market data and product information may change. Please refer to the latest disclosures from the relevant platforms for applicable trading rules, fees and eligibility conditions.

References

1. Nvidia: November 8 board statement announcing an independent investigation
2. Nvidia: November 8 message from Jensen Huang to employees
3. Nvidia: November 10 statement on the independent directors' retention of outside counsel
4. Reuters: Nvidia probes whether CEO Huang was target of foreign spying (November 8, 2026)
5. Reuters: Reporting on Nvidia CEO controversy and chip shipments (November 10, 2026)
6. NVDA historical closing prices, November 6–10, 2026
7. Reuters: Investors ask how the Bezos divorce will affect Amazon (2019)
8. Reuters: Jeff Bezos keeps Amazon voting power in divorce settlement (2019)
9. AMZN historical stock prices for 2019
10. Reuters: Microsoft says it investigated Gates' involvement with employee (2021)
11. The Washington Post: Bill Gates spokesperson acknowledged a past extramarital relationship with a Microsoft employee (2021)
12. Microsoft: Fiscal Year 2021 Annual Report
13. MSFT historical stock prices for 2021
14. Nvidia: November 17 third-quarter earnings conference call announcement
15. BBX DEX: NVDAUSDT perpetual futures trading page
16. BBX DEX: Futures Grid